Grizzlies' prospective buyers want to keep team in Memphis

Memphis has embraced the Grizzlies, and the new prospective buyers wants the Grizzlies to embrace Memphis.

Robert Pera has been working on a deal to purchase the Memphis Grizzlies from Michael Heisley's group. Pera's latest plans include a city-based ownership group and a deal that would keep the team in place for at least 15 years, according to The Commercial Appeal of Memphis.

From the newspaper:

Pera has agreed to three provisions: 1) a $100 million penalty if the team is moved, 2) a right of first refusal under which the local owners will be able to match any offer Pera receives to sell the team and 3) the right for the locals to buy the team from Pera at the current price if he wants to move it. All provisions are in effect for the next 15 years.

Pera, 34, runs Ubiquiti Networks, a wireless network firm. He's working with city businessmen including AutoZone founder J.R. "Pitt" Hyde and Southeastern Asset Management President Staley Cates, both members of the team's current ownership group, as well as several new members. The local group would own 30% to 35% of the team, The Commercial Appeal reported.

The Grizzlies sank to the bottom of the standings and attendance rankings as they overhauled their roster in the mid-2000s, but a recent resurgence has put the team in the playoffs for consecutive seasons. The Grizzlies finished last in the 30-team NBA in attendance in 2008-09 but were 17th this year.

To report corrections and clarifications, contact Standards Editor Brent Jones. For publication consideration in the newspaper, send comments to letters@usatoday.com. Include name, phone number, city and state for verification. To view our corrections, go to corrections.usatoday.com.

USA TODAY is now using Facebook Comments on our stories and blog posts to provide an enhanced user experience. To post a comment, log into Facebook and then "Add" your comment. To report spam or abuse, click the "X" in the upper right corner of the comment box. To find out more, read the FAQ and Conversation Guidelines.

About Reid and Mike

Reid Cherner has been with USA TODAY since 1982 and written Game On! since March 2008.

He has covered everything from high schools to horse racing to the college and the pros. The only thing he likes more than his own voice is the sound of readers telling him when he's right and wrong.

Michael Hiestand has covered sports media and marketing for USA TODAY, tackling the sports biz ranging from what's behind mega-events such as the Olympics and Super Bowl to the sometimes-hidden numbers behind the sports world's bottom line.